The global economy and financial markets are being transformed by megaforces, especially AI. Technology is becoming capital-intensive, and the AIbuildout could be unprecedented in both speed and scale. With a few megaforces driving markets, it is hard to avoid making a big call on their direction –and as such, there is no neutral stance, not even exposure to broad indexes. Weremain pro-risk and see the AI theme still the main driver of U.S. equities. Yet thisenvironment is ripe for active investing – picking winners and losers from amongthe builders now and later as AI gains start to spread, in our view.
省流：AI要炒！